Delta joins dollar glut as Fed dishes out cash

Delta Air Lines aeroplane aircraft airport from Adobe 18Sep20 575x375
By David Rothnie
17 Sep 2020

Delta Air Lines raised $6bn this week, joining the September stampede by companies to plug their bank accounts and lock in cheap funding.

Delta, rated Baa1/BBB, attracted $25bn of orders as it printed two notes backed by its frequent flyer programme. It sold $2.5bn of five year bonds at 423bp over Treasuries and $3.5bn of eight years at 422bp.  

Goldman Sachs, Barclays, JP Morgan and Morgan Stanley were bookrunners. The trade was ...

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